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Pennsylvania Mutual Fund
Supplement to Prospectus dated April 30, 1996
Effective June 28, 1996, Pennsylvania Mutual Fund was merged with and into its
own separate counterpart series of The Royce Fund, a Delaware business trust.
All other aspects of the Fund and its shares remain the same as prior to the
merger, when it was a separate Delaware business trust.
July 1, 1996
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